6 sales closed last week at an average of 17.6% ($231,000) over the asking price. This includes a gorgeous 3BD/3BA home at 1233 Foothill Street, which was listed at just under $2 million, but ended up selling for $2,525,00! This home was listed with the price it low to create a bidding frenzy strategy, - and the strategy paid off. It was only on the market for 3 days before selling for over $500,000 over the list price.
This is the second week in a row where closed sales averages single digit days on the market. Persistently tight inventory coupled with strong demand will have this effect on a market. Buyers have to act quick and decisively to compete for homes in the more desirable Redwood City neighborhoods.
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